1675-11 Ritz-Carlton 1 2. 12 10"3
WWW.HERALD.COM
BUSINESS BRIEFS MUTUAL FUNS
• HOTELS ' A-t }
New Ritz-Carlton
®A one-month exoi
delays its opening $13 billion pushes
Investments down a
among the country's
From Herald Staff and Wire Reports largest mutual fund 1
The delay-plagued Ritz-Carlton South Beach was finally
set to open Christmas Eve,but true to tradition,the five-star From Herald Wire Services
hotel at the last minute put off its premiere until Dec.3L BOSTON — P
"There were some unexpected construction delays that Investments, which is
were note4 at the very last minute"on Tuesday,said Ritz- state and federal trading
Carlton spokeswoman Michelle Payer."They took a walk- chasfifth-largest
tobe the
try's
through and decided to hold off until Dec.3L The decisionm
N
company.Then
camee N
I was made very late." ber— and investor with
Guests had been scheduled to start checking in on als totaling$13 billion.
Wednesday at the hotel,located at 1 Lincoln Rd.,with the 375- The Boston-based m
room hotel expected to be almost one-third full for New fund company is nov'
Year's Eve. country's sixth largest.
Payer said guests will be offered accommodations at the Meanwhile, another
Ritz's two other nearby properties in Key Biscayne and Coco-
pany,Franklin Resource
nut Grove. reported paying its top
The hotel,which is owned by Miami's Lionstone Hotels executives more than $:
and Resorts and Flag Luxury Properties of New York,is in the on in bonuses for the
fiscal year.
final stage of a five-year,$200 million restoration and con- The November outflf
struction project that overhauled the 1950s Dilido Hotel and Putnam—believed to hi
added new wings. of the largest in the ini
But the project ran into contractor problems and is open- ment industry's history
ing 21/2 years off schedule. more than half of the$2'
lion the firm has lost so fai
year,Financial Research C
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